Funding in motels in Spain through the first half of the yr elevated by 3% in comparison with final yr, reaching 1.6 billion euros, in response to information from Cushman & Wakefield’s Hospitality Market Beat report. The consultancy agency’s information present that 56 resort properties and eight,125 rooms have been transacted throughout these six months.
The forecast for 2024 states a complete resort funding of three billion euros. 64% of the transactions in Spain have been carried out by nationwide buyers, with the remaining 36% by European buyers. American, Center Jap, and Asian funds didn’t shut any transactions throughout this era. Home funding grew by 63%, whereas European funding rose by 52% in comparison with the earlier yr.
By sort of investor, 69% of the acquisitions have been made by institutional buyers, whereas non-public buyers made 31%. Concerning the institution class, 38% of the belongings transacted have been upscale motels, and 30% have been luxurious motels. The Balearic Islands recorded the best resort funding quantity, with transactions totaling 498 million euros. Notable resort funding transactions included the sale of the Travelodge portfolio, comprising six belongings and 775 rooms, bought by Travelodge from Louvre Inns Group, and the acquisition by Meridia Capital of the 270-room Lodge Presidente Ibiza, owned by Oak Hill Advisors.
Within the first six months of this yr, European resort funding transactions reached a quantity of €11.6 billion, the best since 2019, marking a 49% improve from the earlier yr. The UK, Spain, and France have been essentially the most energetic markets throughout this era, with a complete of €7.8 billion transacted amongst them. London (UK) had the best quantity of transactions by metropolis, adopted by Paris (France), Dublin (Eire), Barcelona, and Rome. It’s forecasted that by the top of 2024, funding in Europe might surpass 20 billion euros, pushed by the provision of capital and robust resort efficiency.
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